Crescent Biopharma (NASDAQ:CBIO) Announces Earnings Results

Crescent Biopharma (NASDAQ:CBIO) issued its quarterly earnings results on Thursday. The biopharmaceutical company reported ($1.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.01) by ($0.26), Zacks reports. The business had revenue of ($0.75) million during the quarter.

Crescent Biopharma Stock Up 0.2%

Shares of NASDAQ CBIO traded up $0.03 during mid-day trading on Friday, reaching $13.13. 144,463 shares of the company’s stock were exchanged, compared to its average volume of 62,633. The firm has a market cap of $256.69 million, a price-to-earnings ratio of -0.38 and a beta of 1.50. Crescent Biopharma has a 52 week low of $9.81 and a 52 week high of $44.77. The stock has a 50-day moving average price of $12.49.

Wall Street Analyst Weigh In

CBIO has been the topic of a number of research analyst reports. Wall Street Zen upgraded Crescent Biopharma from a “sell” rating to a “hold” rating in a report on Saturday. Jefferies Financial Group assumed coverage on Crescent Biopharma in a research note on Monday, August 25th. They issued a “buy” rating and a $26.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and set a $25.00 target price on shares of Crescent Biopharma in a research report on Wednesday, August 27th. Finally, Wedbush assumed coverage on Crescent Biopharma in a report on Monday, July 14th. They issued an “outperform” rating and a $27.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating and four have issued a Buy rating to the stock. According to data from MarketBeat, Crescent Biopharma presently has an average rating of “Buy” and a consensus target price of $25.60.

Institutional Trading of Crescent Biopharma

A number of large investors have recently bought and sold shares of CBIO. Vanguard Group Inc. purchased a new position in shares of Crescent Biopharma during the 3rd quarter valued at $7,822,000. Perceptive Advisors LLC purchased a new stake in Crescent Biopharma during the second quarter valued at about $7,322,000. Commodore Capital LP bought a new position in Crescent Biopharma during the second quarter worth about $7,322,000. Soleus Capital Management L.P. bought a new position in Crescent Biopharma during the second quarter worth about $6,456,000. Finally, Adage Capital Partners GP L.L.C. purchased a new position in shares of Crescent Biopharma in the second quarter worth about $1,629,000. 75.19% of the stock is owned by hedge funds and other institutional investors.

About Crescent Biopharma

Crescent Biopharma, Inc operates as a biopharmaceutical company that develops and designs small molecule therapeutics to treat cancers. The company was founded on September 19, 2024 and is headquartered in Waltham, MA.